Fashion Business: Hong Kong based I.T to buy A Bathing Ape
As many Japanese fashion fans have already heard, Hong Kong based fashion giant I.T is about to purchase a 90% share of Nowhere- Bape's parent company.
Though many hardcore fans have dubbed this the death of A Bathing Ape, the company has run big losses in the past few years and has several billion yen in debt and liabilities. A Bathing Ape could not survive for much longer, running yearly losses in the hundred million yen range. This truth was evident in its sale price of roughly 2.8 million dollars- a far cry from Bape's value of several hundred million dollars just a few years ago. I.T has agreed to right Bape's balance sheet and restore their profitability. Though I'm not sure what the long term future holds for Bape under the control of I.T, it is clear that Bape is in good hands as I.T holds distribution rights for other successful Japanese brands like Neighborhood, w)taps and Mastermind Japan in the Chinese market. Lets hope they can restore some of Bape's former glory, and they may not have long to do it, because Nigo has only agreed to remain with the company for another 2 years.